Mike Ryskin

Mike Ryskin asked for quantification of the revenue contribution from Cancer Dx in 2025 and the expected dollar contribution from inVue Dx and Cancer Dx in 2026. He also questioned the conversations with vet clinics regarding pricing power over the past couple of years, particularly concerning potential pushback on price increases.

Answer

President and CEO Jay Mazelsky emphasized the direct and leveraged impact of innovation, noting that inVue Dx contributed over $75 million in instrument revenue in 2025. EVP and CFO Andrew Emerson stated that Cancer Dx's direct revenue contribution is modest, but its long-term opportunity is significant, estimated at $1.1 billion. Mazelsky clarified that pricing has not been a major flashpoint with customers, who recognize the need for price adjustments during high inflation, and that IDEXX's pricing has remained close to CPI over the past four years.

Mike Ryskin asked for quantification of the total innovation contribution in 2025, specifically for Cancer Dx, beyond the $75 million from inVue Dx. He also sought insight into the expected dollar contribution of inVue Dx and Cancer Dx for 2026 for year-over-year comparison. Additionally, he inquired about conversations with vet clinics regarding pricing power and any pushback or dialogue on managing price increases.

Answer

CEO Jay Mazelsky emphasized the direct and leveraged impact of innovation, noting that new platforms like Cancer Dx and FNA create a multiplier effect across the portfolio. CFO Andrew Emerson stated that Cancer Dx's direct revenue contribution is modest, with standalone tests at $60 and panel inclusions at $15, but highlighted a long-term opportunity of $1.1 billion. Jay Mazelsky added that pricing hasn't been a major flashpoint with customers, reflecting a return to a volume-driven growth profile aligned with historical baselines and CPI.